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Bitcoin in Panama

The Panama papers have illustrated the relaxed attitude Panama has towards its finance sector and its popularity with preserving assets for major companies and wealthy citizens from around the globe. Bitcoin is regarded no differently and does not have any particular legal status in Panama. There are no regulations regarding the transaction of or operation of Bitcoin in Panama. In fact it is possible to get a Bitcoin licence quite cheaply in Panama. This because the banking system in panama is unregulated and you do not have to be classified as a brokerage or a bank and so avoid the high cost of compliance and also do not have to suffer high overheads or close scrutiny.

Many countries in the Caribbean and close by maintain a relaxed attitude and do not regulate Bitcoin. Examples are Costa Rica, Belize, Colombia, St. Kitts and Nevis, Only the United States and Mexico (since 2015) in the region have called Bitcoin a “currency” and required licensing.

One exchange in Panama is called Coinapult. Coinapult is integrated with Crypto Capital, in order to bring bitcoin-friendly banking to their clients. The website is SSL-secured with all wallets requiring a multisignature, and two-factor authentication offered to all users. Coinapult resides in Panama City. One can use other exchanges of course such as PTYCoin and there are no restrictions on using off shore exchanges such as Kucoin, SpectroCoin and Coinbase etc.

This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.